Professional firms

Professional firms have many specific needs, as a service led people based firm, the reliance on quality agreements between partners or directors are essentials. Equally there are specific rules such as solicitors accounting rules etc.

Our experienced professional services team can help you: 

• Decide on the best and most tax efficient trading structure for your businesses
• Handle the complex processes of conversion from partnership to LLP status
• Define operational issues such as partnership agreements, capital and borrowing structures, profit sharing arrangements, partnership progression
• Minimise your individual and business tax liabilities
• Implement management control systems
• Plan the cash flow and business expansion
• Focus on performance and profits by benchmarking surveys
• Prepare for retirement and succession planning

Beyond partnership and individual services, we have in-house specialists when it comes to compliance with professional directives such as the Solicitors Regulations Authority (SRA) Handbook. If you have at any time held or received client money during an accounting period, or operated a client’s own account as signatory, in most cases you must obtain an accountant’s report within six months of the year end. Our expert team and tailored approach ensures that:

• Client money is safe;
• Clients and the public have confidence that client money is safe;
• Management and controls are sufficient to secure client money;
• Client accounts are only used for appropriate purposes; and
• The SRA are only informed of material issues relevant to the protection of client money.